27 January 2014 10:47 [Source: ICIS news]
SINGAPORE (ICIS)--Asia’s open-spec naphtha prices drifted lower on Monday amid a lack of physical trades for eight trading sessions in a row, traders said.
Weakening crude futures also dampened prices, they said.
The first-half March naphtha contract fell by $6.50/tonne from 24 January to $951.50-953.50/tonne CFR (cost & freight) Japan on 27 January, ICIS data showed.
Brent crude prices continued to trade below the previous session’s close on worries over demand from China, following the release of downbeat economic data.
“The [cracker] turnaround in Asia would start,” said a trader.
A heavy slate of cracker maintenance this year would signal lower naphtha demand, the traders said.
Meanwhile, ethylene prices fell by $40-50/tonne during the week ended 24 January to $1,480-1,500/tonne CFR NE Asia, as China was winding down business in just days before the Lunar New Year, ICIS data showed.
Additional reporting by James Dennis
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